Non-motoring > New 5% Santander account Miscellaneous
Thread Author: Crankcase Replies: 23

 New 5% Santander account - Crankcase
If anyone is in the market, Santander today announced a new easy access savings account paying just over 5%.

I had, until today, their existing account at just over 4%, but rather than increase that one they have this new limited availability one. Available "until 17th September or until sold out" apparently.

I hopped into the app on my phone, applied, breathed twice and it was open. Clicked transfer from old to new, done. Less than five minutes.

Just in case anyone has missed that, and might find it useful.
Last edited by: Crankcase on Mon 4 Sep 23 at 15:16
 New 5% Santander account - legacylad
Good to know. I’ve a Santander Select current account, from which my Santander Select credit card is paid off in full each month.?I know it earns some interest but don’t know what %.

If transferred to the 5.2% account I’d have to make sure there’s sufficient funds left to pay off the credit card !!
 New 5% Santander account - Crankcase
Crikey . To get a Santander Select Current Account you need, it says:

Have a Santander current account and.
Pay your main income of at least £5,000 per month into your current account.

Out of my league!
 New 5% Santander account - legacylad
I’ve had both Select current account and Select 123 Credit Card accounts for many years. I pay in £250 a month plus my state pension since 2 years ago ….£250 transferred from my Mums Attendance Allowance…I buy all her food shopping and it pays for washing, ironing & taxi services !

I’ve never paid in anything even closely remote to that kind of money. My private pension is of the draw down variety, so obviously not paid in, which I’ve been dipping into every year since I was 54 or 56… took my 25% tax free allowance the week I was allowed. Darned if I was going to croak and not get the benefit !

They must have changed the eligibility parameters ?
Last edited by: legacylad on Mon 4 Sep 23 at 18:06
 New 5% Santander account - CGNorwich
"The Select Current Account is no longer available to open from 20 June 2023.

If you already have the Select Current Account, you can continue to use it as usual. The features and benefits with your account remain the same, including cashback, in-credit interest and the monthly account fee. You can find details about your account on our Important information for accounts no longer available to open page."
 New 5% Santander account - Lygonos

For first time ever have bought premium bonds - prize pool is 4.6% tax-free from next month apparently.
 New 5% Santander account - Duncan
If you bought them this month, you will have to wait until November before your first winnings - if any!
 New 5% Santander account - Lygonos
>>If you bought them this month, you will have to wait until November before your first winnings

Got them at end of August (29th I think) so it said I'd be in October's draw.
 New 5% Santander account - bathtub tom
>> For first time ever have bought premium bonds - prize pool is 4.6% tax-free from
>> next month apparently.

I've had some for a while. The return doesn't seem quite as good as other investments, but I'd need to sit down with a calculator to work out how different the tax-free advantage is.

How do you put a price on the little frisson of excitement when you check the results (£300 this month!).
 New 5% Santander account - legacylad
>> For first time ever have bought premium bonds - prize pool is 4.6% tax-free from
>> next month apparently.
“Do (you) feel lucky ? Well, do ya punk ?”

Dirty Harry
 New 5% Santander account - sherlock47
>> For first time ever have bought premium bonds - prize pool is 4.6% tax-free from
>> next month apparently.

And it is Tax free! - until IHT kicks in!
Last edited by: sherlock47 on Tue 5 Sep 23 at 09:47
 New 5% Santander account - smokie
I've had the max for some years now and can assure you that the IHT taxman won't be interested in the amounts I've won!!! £300 this month, best for a long long time.
 New 5% Santander account - legacylad
I’ve no idea at what level IHT kicks in, but as one of my executors has agreed , with reasonable recompense, to divi up 95% of my estate to smaller, volunteer led charities, the taxman will be getting zilch.
Unfortunately I’ll be under a small tree in a bamboo casket unable to smile at the thought
 New 5% Santander account - Runfer D'Hills
Erm, can I have the Yaris?
 New 5% Santander account - legacylad
I hope to be able to enjoy it for a few more years...stepping into it from the Vitara is a whole different world of motoring pleasure. Difficult to put into words.
 New 5% Santander account - Runfer D'Hills
Hunter S Thompson might help you with that bit…
“Holy **** what a ride!” ?
 New 5% Santander account - Manatee
I quite like the idea that I could get 4.6% with a slim chance of winning £10,000 or even £1m. But unless I am quite a but luckier than average, I won't achieve 4.6%.

I'd also like to meet somebody, anybody, who has achieved the average rate of return without winning a large prize at long odds. It is obvious that the median return is going to be quite a bit less than 4.6%.

Ah...I've just found a calculator wot does it.

The median return on £10,000 worth is 3.75%. This is mathematically determined by the prize distribution. The less you have in, the lower will be the median return for investors holding that amount.

If you have £10 worth, it is 99% certain you won't get a prize in a year. Your annual chance of winning the jackpot will be about 1 in 500,000,000.

OTOH, if you have £50,000 to invest, and whether you get 0% or the median return of 4.05% will essentially make no difference to your life, then maybe there is an argument for putting it into PBs with a 1 in 100,000 chance of winning the jackpot that could change your life?
 New 5% Santander account - rocket again
Thanks for that. I have a Santander 123 and had not seen this advertised at all.
I was just about to move a stash into Ulster Bank at 4.9%.

 New 5% Santander account - Fullchat
Likewise. Account opened.
 New 5% Santander account - Bromptonaut
I opned one a couple of weeks ago in place of an Instant Saver that paid diddly squat.

In doing so I transferred a pretty significant sum from joint names to mine only.

Nothing at all to question it.

Should it be that easy?
 New 5% Santander account - zippy
>> Should it be that easy?

Same bank - they've likely done KYC.

How many signatures are required for a transaction? If it's one then that's ok.
Last edited by: VxFan on Wed 6 Sep 23 at 14:10
 New 5% Santander account - Runfer D'Hills
So wait a minute, I could transfer everything we have in joint accounts into new ones in just my name?
Hmmm, twirls moustache and cackles inwardly…
 New 5% Santander account - legacylad
Dick Dastardly your role model ?
 New 5% Santander account - tyrednemotional
... it'd still cost you a new kitchen for your new bike.....
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